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Aug 16, 2023 / 04:16

VinFast begins trading on Nasdaq

VinFast business combination with Black Spade was approved at an extraordinary general meeting of Black Spade’s shareholders on August 10.

Vietnamese electric vehicle maker VinFast’s ordinary shares and warrants to begin trading on the Nasdaq on August 15, under ticker symbols “VFS” and “VFSWW,” respectively.

  VinFast Auto Ltd. is now the listed company. Photo: Vingroup

VinFast Auto Ltd. (VinFast) and Black Spade Acquisition Co (Black Spade) announced on August 14 the completion of their previously announced business combination. As a result of this merger, VinFast Auto Ltd. is now the listed company.

The announcement of the completion of the business combination follows the approval of the transaction by Black Spade's shareholders on August 10. As a result of the merger, Black Spade has become a wholly owned subsidiary of VinFast and is expected to be delisted from the NYSE American LLC.

Thuy Le, Global CEO of VinFast Auto Ltd., said: “Becoming a US-listed company marks a significant milestone in VinFast’s global expansion. More than just a transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential. It fulfills our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone. I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our ‘boundless together’ journey towards a greener future for us and future generations.”

Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared: “We are very pleased to announce the successful completion of the business combination with VinFast, an exceptionally fast-growing and scalable company in the electric vehicle (EV) sector.”

He added VinFast has developed an engaging array of smart, safe, and eco-friendly EV models. We are confident that VinFast will maintain its commitment to offering high-quality products and outstanding after-sales services. 

He underlined: “A listing on the Nasdaq will enhance VinFast’s global outreach by facilitating even wider access to capital. Driven by a shared aspiration to shape a better future through innovation, we anticipate our collaboration with VinFast to bring about a fresh chapter of sustainable mobility.”